Gurgaon-based Droom, an online marketplace to buy and sell new and used automobiles, is preparing to list on the Nasdaq exchange in the second half of 2020, its founder and CEO Sandeep Aggarwal told a business daily.
In an interview to Sandeep Soni of Financial Express (FE), Aggarwal said that the public listing would also give 150 of 360 employees at Droom having stock option to convert their sweat equity into capital. Besides, Droom is also hiring across multiple positions as it aims to be a 500-people company in the next four months.
For NASDAQ listing, Droom is also working with some bankers.
Additionally, the company is also planning to raise a fresh round of funding however the exact timing and size of capital will be decided in nine months before the planned NASDAQ listing, according Aggarwal.
In May this year, Droom raised $30 million (~ Rs 203 crore) in Series D equity financing round led by world’s largest automaker, Toyota, through its subsidiary Toyota Tsusho Corp.
Founded in June 2014, Droom has raised a total of $125 million in six rounds of investments and is valued approximately $550 million. Droom might raise a round of around $100-150 million in 2019 in a pre-IPO round to expand its market share, global presence and invest in technology and infrastructure.
Besides, the FE report further suggests that Droom also is proactively pushing its overseas expansion plan with Malaysia in November this year, Singapore in December and Thailand in January 2019.
By end of 2019 Droom will be available in total nine countries including Vietnam, Philippines, Cambodia, Laos, and Myanmar.
In December 2016, Droom has launched Droom History, an unbiased report which curates historical data available through various authorised data providers to deliver in-depth information about a vehicle’s background. Generated using Droom’s proprietary technology, the report addresses issues related with a vehicle’s safety, trust, and value.
In June of same year, announced the closing of its Series B funding in a round led by BEENEXT from Singapore and Digital Garage from Japan. Majority of existing investors are participating in the current round including Lightbox and BEENOS. Also, in September, the company entered into a partnership with CashCare, an innovative consumer lending platform where short-term loans are provided on a real-time basis.
[Top Image – ET Auto]